LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Market Update - Precious Metals sector investors feeling despondent
By: Clive Maund

GoldSeek Radio Nugget: Gerald Celente & Louis Navellier
By: Chris Waltzek, GoldSeek Radio

Not Just a Trade War, But a Shooting War With China
By: Doug Casey

Precious Metals Update Video: Gold needs to hold $1,266 area (monthly chart trend)
By: Ira Epstein

Are You Being Tossed Around By The China News?
By: Avi Gilburt

Far Bigger Concerns Than Game of Thrones
By: Rick Ackerman, Rick's Picks

COT Gold, Silver and US Dollar Index Report - May 17, 2019
By: GoldSeek.com

Gold Miners’ Q1’19 Fundamentals
By: Adam Hamilton, CPA, Zeal Research

Three safe-haven reasons to own gold
By: Richard (Rick) Mills, Ahead of the herd

Trump’s China Blunder
By: Peter Schiff, President and CEO Euro Pacific Capital

 
Search

GoldSeek Web

 
Gold Commitments of Traders

By: Dan Norcini

 -- Published: Tuesday, 12 April 2016 | Print  | Disqus 

There was little change in this week’s Commitments of Traders report when it came to the positioning of traders within the gold futures market.

Here is an updated chart reflecting the current composition.

gold cot

Hedge funds both slightly increased overall outright long positions and outstanding outright short positions with the result that their overall NET LONG position did slightly DECREASE as more new shorts were added than new longs.

gold hedge fund

hedge fund nets in gold

On the Commercials side, their overall NET SHORT position slightly increased while the Swap Dealer net short position slightly decreased. Together it was essentially a wash.

gold commercials

Total open interest ( futures and options combined) declined overall, something which the bulls will want to see reverse sooner rather than later.

gold total open interest

On a percentage basis, the total number of outright longs held by LARGE SPECULATORS ticked up slightly while the total number of combined commercial and swap dealer outright short positions declined slightly. Both readings remain at relatively high levels.

gold percetnage

On the weekly chart, there was little change in price movement when viewed from a larger perspective. Gold remains ABOVE the former descending price channel with price having moved down to retest the upper trendline only to find buying support. The $1285-$1300 overhead resistance zone is the notable barrier to further upside potential at this juncture.

Chart_16-04-10_09-41-24

Near term, the gold mining stocks as represented by the HUI are suggesting that the upside is more probable than downside at the moment.

Chart_16-04-10_09-43-35

The reason I say this is not only on account of the strong performance by the miners recently, but the HUI/Gold ratio is surging.

Chart_16-04-10_09-45-15

This ratio has a history of being rather reliable as a LEADING INDICATOR of the gold price direction.

The slight reduction in GLD’s reported holdings is noteworthy but withdrawals/reductions thus far remain muted while the technicals such as the HUI’s strong showing and rising ratio would seem to be outweighing those reductions in my mind for the time being.

Ever since Yellen and company decided to sacrifice the US Dollar in order to prop up the Emerging Markets, gold has refused to back down. Barring some sort of yet another shift again in their attitude towards the Dollar, it would seem unlikely for a sharp breakdown in the gold price in spite of that imbalanced spec long position. Simply put, while the specs are overextended on the long side, from a fundamental perspective, there just does not seem to be enough of a catalyst to spook them enough to send them heading for the hills in a large way at this time. As long as the downside support levels continue to hold firm, they will stick around.

https://traderdan.com/

 


| Digg This Article
 -- Published: Tuesday, 12 April 2016 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.